As indicated by a recent research study presented by Future Market Insights (FMI), more than 65% of end users prefer air-cooled industrial condensing units over water-cooled variants, at a global level. Moreover, although retrofitting of older condensing units is gaining popularity over the recent past, FMI’s analysis highlights that an approximate 85% of revenue continues to pour in from new installations of industrial condensing units.
With a significant incremental opportunity anticipated for the near future, outdoor-based refrigeration applications will continue to gain higher traction in the industrial condensing units market. According to the report, nearly 3/5th of the total demand for industrial condensing units is generated from outdoor-based refrigeration application areas.
At an estimated 4.6% Y-o-Y increase in the revenue over 2021, the industrial condensing units market is set to exceed the US$ 10 Bn mark in 2022. Nearly 3/4th of the total sales of industrial condensing units is accounted by the end use in commercial refrigeration, followed by industrial refrigeration.
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The industrial condensing units market refers to the industry that produces and supplies condensing units for various industrial applications. Here are some key takeaways related to the industrial condensing units market:
- Growing demand for cooling and refrigeration: The industrial condensing units market is growing due to the increasing demand for cooling and refrigeration in various industries such as food and beverage, pharmaceuticals, and chemicals.
- High-efficiency standards: The market requires high-efficiency standards to ensure energy savings and reduce operating costs for industrial customers. Regulations and standards set by governing bodies also influence the market.
- Diverse product offerings: The market offers a variety of condensing units with different types of refrigerants, compressors, and capacities, to meet the diverse needs of different industries.
- Advancements in technology: The industrial condensing units market is evolving with advancements in technology, such as the development of low-temperature condensing units, variable speed compressors, and smart control systems.
- Competitive landscape: The market is highly competitive with many established players and new entrants. The market is influenced by factors such as pricing, quality, customer service, and product innovation.
- Regional differences: The industrial condensing units market varies by region, with different trends, market drivers, and regulatory environments. Emerging economies are expected to offer growth opportunities due to the increasing demand for cooling and refrigeration.
- Environmental concerns: The industrial condensing units market is also influenced by environmental concerns, with the need to produce units that use environmentally friendly refrigerants, comply with regulations such as the Montreal Protocol and Kigali Amendment, and reduce carbon emissions.
China & India Emerging as Strong Investment Pockets for Manufacturers
The construction industry in developing regional markets, particularly in India and China, are clearly outgrowing other markets. This, in turn, is expected to support the growth of the industrial condensing units market, as the construction-driven increase in the net national per capita income will boost the demand for consumer appliances, including industrial condensing units.
Also, growing GDP of several countries, escalating per capita income and spending, and heavily rising demand for efficient cold chain are expected to extend strong support to existing demand growth of industrial condensing units.
Furthermore, China and India are likely to witness a significant surge in the sales of refrigeration units in coming years, driven by commercial refrigeration applications as a result of brisk expansion of both construction industry and the HoReCa (hotels, restaurants, cafés) sector. These countries are thus highly likely to establish a strong base for the expansion of industrial condensing units market in the forthcoming years.
Chinese manufacturing enterprises of industrial condensing units have begun to flourish recently. China has been a prominent influencer in the market in terms of agricultural and animal products, with an annual value of over US$ 300 billion. However, the prevalence of inadequate chilling facilities will continue to procure new opportunities for the development of infrastructure and thereby, reinforcing the demand for industrial condensing units.
On the other hand, mature markets for industrial condensing units in North America and Europe will observe modest growth and new installations will remain prominent.
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Manufacturers Targeting Specific Customer Demands, Emphasizing Competitive Pricing Strategy
Industrial condensing units are prominently sold by wholesalers and distributors specialized in furnishing on-site cold storage. Manufacturers involved in the designing and developing of industrial condensing units are poised to enhance their geographic reach and production capabilities in low-cost regions.
A majority of manufacturers of industrial condensing units are also prioritizing catering to specific customer demands at attractive prices, which will majorly rely on economic tiers and spending capabilities of customers.
Moreover, the report opines that the leading companies in industrial condensing units market will intensify the focus on stronger distribution networks, more powerful customer engagement, and unique portfolio of their offerings. Regional dietary patterns, as continue play a vital role in creating potential opportunities for the penetration of industrial condensing units, will be considered imperative for technological and other innovations, by manufacturers.
Regional dietary patterns, as continue play a vital role in creating potential opportunities for the penetration of industrial condensing units, will be considered imperative for technological and other innovations, by manufacturers.
The report has covered detailed strategic profiles of some of the key manufacturers operating in the industrial condensing units market, including Emerson Electric Co., Embraco, Tecumseh Products Company LLC, The Danfoss Group, Mitsubishi Electric Corporation, GEEA Group AG, Bitzer SE, Daikin Applied Systems Co. Ltd., and Hasegawa Refrigeration Ltd.
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Industrial Condensing Units Market by Category
Installation:
- New Installation
- Retrofit
Technology:
- Water Cooled
- Air Cooled
Application:
- Indoor-based Refrigeration
- Outdoor-based Refrigeration
End Use:
- Domestic Appliances
- Indoor Based Air Conditioners
- Commercial Refrigeration
- Industrial Refrigeration
Compressor Type:
- Reciprocating
- Screw
- Centrifugal
- Rotary
- Scroll
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